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Kaihan

Any restriction for buying property for visa 489?

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Hi,

If we are interested to buy instead of renting property in SA, is there any restriction for visa 489? Any tips that we need to look out before buying? Any legal documents needed?

Thanks

 

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Hi

We are in Adelaide on a 489 visa and have just bought a property after renting for nearly a year.  You will need to get FIRB approval which costs $5000, but is just a formality.  The approval allows you to purchase a single property for you live in.  You can't rent out the property or any part of it and you can only have one approval license i.e. you can only buy one property while on the 489 visa.  The only exception is if you buy a new build property and then you don't need the approval.

The other thing we found is that some banks won't touch the 489 visa e.g. Commonwealth Bank.  Some others will want a large deposit, but if you shop around there are a few organisations that will lend up to 80%.  Of course as a 'foreign investor' you will not be entitled to any of the first time buyer incentives.

I hope that helps.

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Hi, 

Do you remember if you applied for an approval for a specific property or did you get an exemption certificate which would last for 6 months. 

 

many thanks 

 

masha 

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Hi masha

we got the 6 month certificate.  It didn't cause any problems and I would recommend it rather than for a specific property just in case something went wrong with the purchase or the property you were interested in was being sold at auction.

 

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